Healthier cookie maker Wholey Moly has secured £100k investment to support the launch of the challenger brand in the mults.
The business’ range of cookies are set to be stocked by Sainsbury’s and Ocado from this month, adding to distribution with the likes of Whole Foods, Holland & Barrett, Amazon, As Nature Intended, Daylesford Organic and other independents, wholesalers and restaurants.
Cash from the bridging round – raised through angel investors – will also be used to finance export opportunities, with a larger fundraising planned for the end of the year.
Founded in 2018 by husband-and-wife team Meenesh Mistry and Parul Vadher, Wholey Moly supplies a four-strong range of vegan, gluten-free cookies containing 50% sugar than similar products.
“Having self-funded the business to date on a shoestring budget, this bridging round gives us the opportunity to push Wholey Moly into the next stage of growth,” Mistry said.
Mistry added the business struggled when the Covid pandemic hit, leading to a drop in sales as its foodservice stockists closed and conversations with retailers for new listings were paused.
After securing support funding from friends and family, Wholey Moly pivoted to create a DTC platform and build its presence with Amazon.
“As an on-the-go snack, Covid meant our retail and foodservice customers no longer had demand for our product, and potential customers stopped listing new products altogether,” Mistry added.
“We eventually decided to pause and reassess the business and product offering. We now have a new and improved product and brand, which is getting national listings and ready to scale.”